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PEDC Board Meeting Minutes September 4, 2018 Page 2 of 3 south end of the Loop. Mr. Paris explained that the reason some months have higher amounts for the Marketing category is because these are prospects that have not committed to Paris. If a prospect chooses Paris, those charges will be taken out of Marketing and moved to the project costs. Mr. Hernandez stated that the rest of the expenditures for the month were normal expenditures. Dr. Hashmi made a motion to accept the July 2018 financials. Mr. Hernandez seconded the motion. Vote was 3 -ayes to 0 -nays. Discuss possible collaboration with Lamar County Appraisal District and the possible purchase or lease of the old Capital One Building. Possibly approve the Executive Director to seek out City Council's possible approval to explore this opportunity with the Lamar County Appraisal District. Mr. Manning started the discussion stating that we are asking for Board approval to explore the options, along with the Lamar County Appraisal District; on the purchase of the Capital One bank building. We would like to look into all the costs associated with the building. Mr. Hernandez asked if this was for us to buy the building and rent out a portion of it. The next question Mr. Hernandez had, is this normal for EDCs to use their funds to purchase buildings. He said lie was in favor of buying a building to accommodate the PEDC, but not for other entities. Mr. Paris said that research will need to be done since the operating costs and the rehab costs to the building are unknown. Dr. Hashmi commented that the PEDC is not in the business of buying buildings to rent them out. He stated that it is a bad idea. Mr. Manning said that that PEDC needs a better location and he would like to explore the possibilities. Mr. Hernandez would like to see a location in the downtown that would meet our needs for the next ten years. Mr. Manning voiced his opinion that it would be good to explore the options. Dr. Hashmi made a motion to oppose it. Mr. Paris stated that he hears the opposition from the Board for going to City Council at this point. Discuss a public private partnership between the Cox Airport hangar leasors, City of Paris and PEDC to help financiaUy support the construction of taxi ways for new hangar construction. Mr. Paris stated that a citizen was approved by the FAA for the development of a new hangar at Cox Field. The taxiway would need to be developed. When talking to the City Manager, John Godwin, and the lessee we discussed a public private partnership to develop a taxiway. He asked for the Board's input on the idea of a three way partnership between the lessee, the City of Paris and the Paris Economic Development. Dr. Hashmi asked what the benefit to the PEDC would be. Mr. Godwin clarified that we have an opportunity to build an extensive taxiway on the northeast side of the airport. There are two people ready to sign ground leases and to build large hangars at their own expense. Mr. Paris asked for approval to research the costs involved and bring it back to the Board for more discussion. Mr. Manning gave the Board's nod to explore the costs of a taxiway. Discuss and possibly approve a formation of an advisory group to help with prospective lead development and suggestions for strategic planning for the PEDC. Dr. Hashmi stated that there were qualified people that did not get chosen for the PEDC Board. He would like to see members of the community join in discussions with the PEDC. There would be benefit to have those who were not chosen to serve on the Board to join us as an advisory group. Mr. Paris said that a larger advisory group that met twice a year could be very useful. Mr. Manning commented that this would be good for a report card. Dr. Hashmi suggested sending out invitations to those who were not chosen for Board appointments to come to our meetings. Mr. Manning asked that we think about how we could make this work.